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Average house price edges closer to pre-recession high

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Tue 02 Jun 2015

Average house price edges closer to pre-recession high

The average property price in England and Wales reached £179,817 in April, according to the Land Registry.

The latest data shows that the average price has almost climbed back to the pre-recession peak of £181,014, which was recorded in November 2007.

Prices increased 0.9 per cent between March and April, the Land Registry says, with the annual price increase now reaching 5.1 per cent. 

Regionally, the best monthly figure was recorded in Yorkshire and The Humber, where prices increased by 2.7 per cent.  

The capital recorded the highest price growth in the past 12 months, rising by 10.9 per cent. 

The Land Registry reports that there were 54,103 house sales completed during April. This represents a 17 per cent fall compared with February last year, when 64,994 sales were recorded. 

Jackson-Stops & Staff says that the monthly bounce experienced in Yorkshire and The Humber is a direct reflection of increased longer-term confidence among buyers and investors due to increased government investment. 

“Increased investment in Yorkshire, Humberside and the evolution of the Northern Powerhouse in Manchester has contributed to a surge in confidence in these areas. Greater Manchester is shaping up to be a great place to invest as major London companies continue to establish a presence in the City,” says Nick Leeming, chairman of the high-end agency. 

Graham Davidson, of investment firm Sequre, has also noticed an upsurge in confidence and demand in the north of England. 

“The Humber region, Chester, Wakefield and Sheffield are also all performing well for our investors,” he says. 

The Land Registry’s full dataset can be accessed here

Conor Shilling   2 June 2015